A power of sale sounds like a great opportunity. But think carefully before you jump; they can be fraught with complications and may not end up costing less than a normal home purchase.
* The lender, not the owner, is the one who actually sells the property
* Power of sale is a right given to the lender to force the sale of the property, upon payment default (e.g. mortgage, property taxes)
* Proper notice must be given, including the opportunity for the homeowner to correct any default, after which the property may be sold
* The property must be sold at fair market value
* Lenders may not give warranties in regards to condition of the property or chattels
You may conclude that a power of sale is not necessarily ‘the best deal,” given the difficulties associated with it. Please call Liisa Arra, broker, for more information on power of sales, foreclosures, or buying a home in your desired neighbourhood!
Call Liisa at 416-487-5131 or email larra@remax.net.
Liisa Arra sells real estate in home in the Toronto neighbourhoods of Leaside, Davisville, York Mills, Willowdale and Lansing.
